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How often MUST a fee for a business entity license be paid?
- Every year
- Every two years
- Every three years
- Every four years
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- 3. A company buys a machine for $15,000. It agrees to pay for it in ten equal annual payments beginning one year after the date of purchase. The interest rate is 7.8461% per year compounded semiannually. Immediately after the fifth payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment?Subject- accountingBig Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June 10 through July 29. Total tuition paid by students for the summer session amounted to $123,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2019? Amount of revenue b. Would your answer to part a be any different if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? O Yes O No
- Chopin (Pty) Ltd ordinarily pays their employees a bonus in the form of a thirteenth cheque together with their December pay. This has created a constructive obligation on their part to recognise the liability. Chopin (Pty) Ltd only pays the bonus if the employee is still working for the company on 31 December of each year. Any employees joining the company during the year are paid a pro‐rata (proportional) amount of their bonus. On 1 January 2020 there were 32 employees in total earning an average monthly salary of R21 300 each. During the year, two new employees were taken on, one on 1 May 2020 at a salary of R15 700 per month, and the other on 1 November 2020 earning R10 500 per month. Two of the original employees resigned on 31 May 2020, their last day of employment being on 30 June 2020. What will the carrying value of the liability be on 30 June 2020? Show your calculations and prepare the journal entry to recognise the adjustment from the 1 January balance. No narration is…Required Information [The following information applies to the questions displayed below.] Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $45 in advance for a one-year subscription. During the month of August 2019, Evans Ltd. sold 180 one-year subscriptions and received payments in advance from all new subscribers. Only 72 of the new subscribers paid their fees in time to receive the August newsletter; the other subscriptions began with the September newsletter. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) Required: a-1. Use the horizontal model to record the effects of subscription fees received in advance during August 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to Indicate a negative financial statement effect.) Assets Balance Sheet Assets Liabilities a-2. Use the horizontal model to record the effects of subscription revenue earned during August 2019.…On January 1, 1980, Jack deposited 1,000 in Bank X to earn interest at the rate of j per annum compounded semiannually. On January 1, 1985, he transferred his account to Bank Y to earn interest at the rate of k per annum compounded quarterly. On January 1, 1988, the balance at Bank Y is 1,990.76. If Jack could have earned interest at the rate of k per annum compounded quarterly from January 1, 1980 through January 1, 1988, his balance would have been 2,203.76. Calculate the ratio k/j.
- The financial year of Abi Sy ends on December 31 each year. On May 30, 2022, Abi Sy received an annual service fee of P600,000 from a customer for a service commencing on June 1. What should be presented on Dec. 31, 2022? P250,000 should be treated as unearned revenues. P300,000 should be treated as unearned revenues. P600,000 should be treated as unearned revenues. P600,000 should be treated as revenues for the current financial year.How much should a family deposit at the end of every 6 months in order to have $2000 at the end of 3 years? The account pays 5.3% interest compounded semiannually. (Round your final answer to two decimal places.)Interim financial reports should be published a. Within a month of the half year-end b. Once a year at any time in that year c. Whenever the entity wishes d. On a quarterly basis
- Alton's Arboreal Association is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary deductions are displayed below. Record one journal entry to account for the payment of federal unemployment taxes, and one journal entry to account for the payment of the voluntary deductions. Assume that each voluntary deduction is remitted to the respective organization on a quarterly basis, on the last day of the first month after the end of the quarter. All tax payments are made in a timely manner, on the payment due date (which, for this quarter, is not impacted by a weekend or holiday). Chart of Accounts Notes: • Enter the transaction date on the first line only (if multiple transactions are required, enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. Omit journal entry explanations. • See the Chart of Accounts provided for the proper account names to use. • To earn any credit for a given line within…Employers are required to file a federal tax return reporting payroll and tax liabilities semi-annually monthly quarterly annuallyOn January 1, 2024, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2024, Poplar Fabricators' employees each earned an average of $800 per week Nine hundred vacation weeks earned in 2024 were not taken during 2024 Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. 2. Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 5 percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $31 million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025.
